CZ said that the transaction was part of the company’s plan to use cross-chain swaps.
Later Justin Sun deposited $100 million USDC into Binance.
On Wednesday, Justin Sun, founder of the Tron, withdrew 100 million BUSD stablecoins. The one hundred million BUSD withheld was deposited into the Paxos Treasury. On Tuesday, Binance CEO CZ said that Justin Sun’s transfer of 100 million USDC to Binance is an integral aspect of deploying BUSD on Tron via cross-chain swaps.
On December 14th, a tweet from PeckShield Alert indicated that 100 million BUSD stablecoin had been taken from Binance using a wallet address linked to Justin Sun. According to the stated Etherscan transaction, at 8:56 AM UTC. The sum of 100,000,311.866 BUSD was moved from the Binance 15 wallet to the address 0x9f84.
On the 13th of December, Justin Sun withdrew over 33.91 million BUSD and 15.43 million USDT from Binance. Following this, he wired 33.91 BUSD to Paxos Treasury and 15.43M USDT to Circle. Justin Sun deposited $100 million USDC into Binance.
Deposits $100M USDC Back
It’s also worth noting that the transfer took place amid the Binance FUD. Already there is a flood of withdrawals from the exchange. The market panic subsided, however, once the CEO of Binance, “CZ,” said that the transaction was part of the company’s plan to use cross-chain swaps to bring BUSD to Tron.
Following this, PeckShield Alert tweeted that Justin Sun had deposited the 100 million BUSD he had withdrawn into the Paxos Treasury. This is probably connected to CZ’s prior speculation that BUSD would be deployed on Tron.
On Tuesday, Binance, the biggest cryptocurrency exchange in the world, saw withdrawals in billions, an all-time high for a single day. In all, CryptoQuant reports that 40,353 Bitcoins and 278,017 Ethereum tokens were cashed out.